Movado Group Inc. said fourth-quarter profits fell, but saw gains in sales for the period.
For the three months ended Jan. 31, net income fell 9.2 percent to $7.2 million, or 28 cents a diluted share, from $7.9 million, or 31 cents, a year ago. On an adjusted basis, excluding certain charges in the quarter including a reallocation strategy connected with ESQ Movado, net income was $12 million, or 46 cents a diluted share, versus $10.5 million, or 41 cents, last year. Net sales rose 7 percent to $132.3 million from $123.6 million. On an adjusted basis, excluding the $7.8 million charge for anticipated sales return related to the ESQ Movado reallocation strategy, net sales were up 9 percent to $140.1 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"